After soaring to 73 cents on Saturday, Dogecoin fell to 46.01 cents on Sunday, around 8:08 am in New York.
It happened right after Tesla CEO Elon Musk called the token a "hustle".
Musk, 49, is the second richest person in the world. He previously helped Dogecoin gain popularity by tweeting a photo of himself and a Shiba Inu, the dog breed that conveys its image to the altcoin.
Originally made as a joke in 2013, Dogecoin has seen more than 16,000% growth over the past year, according to CoinGecko. Elon Musk is one of its biggest supporters, along with Mark Cuban, Snoop Dogg and Gene Simmons.
Earlier, Musk called Dogecoin "the future of the currency" and "an unstoppable financial instrument that will take over the world."
But on Sunday, DCG Holdco CEO Barry Silbert tweeted that people should convert from Dogecoin to Bitcoin, and added that if Dogecoin hits $ 1 by May 31, he will donate $ 1 million to a community-chosen charity.
Bitcoin, the current largest cryptocurrency, has slipped by more than 1% and is now trading around $ 58,000. Last February, Musk announced that he had bought $ 1.5 billion worth of the cryptocurrency, all while speaking out about the token's favorable characteristics.
On Friday, May 7, Musk wrote on his Twitter: "Cryptocurrencies are promising, but please invest with caution." He added a video in which he talked about the merits of cryptocurrency, especially Dogecoin.
